The capital accounts of Hassan Khan and Dmitri Palovich have balances of $$101,000$ and $$74,000,$ respectively, on January $1,20$Y$4,$ the beginning of the fiscal year. On July $10,$ Khan invested an additional $$11,000.$ During the year, Khan and Palovich withdrew $$55,000$ and $$44,000,$ respectively, and net income for the year was $$140,000.$ Revenues were $$561,000,$ and expenses were $$421,000.$ The articles of partnership make no reference to the division of net income.

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a$.$ Journalize the entry to close the revenues and expenses. If an amount box does not require an entry, leave it blank.

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Journalize the entry to close the drawing accounts. If an amount box does not require an entry, leave it blank.

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b$.$ Prepare a statement of partnership equity for the current year for the partnership of Khan and Palovich. If an amount is zero or a blank, enter in $0.$

Khan and Palovich

Statement of Partnership Equity

For the Year Ended December $31,20$Y$4$

Line Item Description Hassan

Khan Dmitri

Palovich

Total

Balances, January $1,20$Y$4$ $Balances, January $1,20$Y$4$

$Balances, January $1,20$Y$4$

$Balances, January $1,20$Y$4$

Investment by partner Investment by partner

Investment by partner

Investment by partner

Net income for the year Net income for the year

Net income for the year

Net income for the year

Partner withdrawals Partner withdrawals

Partner withdrawals

Partner withdrawals

Balances, December $31,20$Y$4$ $Balances, December $31,20$Y$4$

$Balances, December $31,20$Y$4$

$Balances, December $31,20$Y$4$